Common use of Debt Consolidation Clause in Contracts

Debt Consolidation. Debt consolidation through direct channels is unacceptable other than for repayment of an informal friend or family loan with no regular payment schedule. Monthly payment commitments for debts to be consolidated are not excluded from the affordability calculation (except where an offer is issued direct to a conveyancer for repayment of shared equity loans on the security property). Applications that include any element of debt consolidation are restricted to a maximum LTV of 85 per cent. The maximum element of debt consolidation is £50,000.

Debt Consolidation. Debt consolidation through direct channels is unacceptable other than for repayment of an informal friend or family loan with no regular payment schedule. Monthly For intermediaries, monthly payment commitments for debts to be consolidated are not excluded from the affordability calculation (except where an offer is issued direct to a conveyancer for repayment of shared equity loans on the security property)calculation. Applications that include any element of debt consolidation are restricted to a maximum LTV of 85 75 per cent. The maximum element of debt consolidation is the lower of £50,00035,000 and (if the LTV exceeds 50 per cent.) 35 per cent. of the total mortgage amount.

Debt Consolidation. Debt consolidation through direct channels is unacceptable other than for repayment of an informal friend or family loan with no regular payment schedule. Monthly For intermediaries, monthly payment commitments for debts to be consolidated are not excluded from the affordability calculation (except where an offer is issued direct to a conveyancer for repayment of shared equity loans on the security property). Applications that include any element of debt consolidation are restricted to a maximum LTV of 85 per cent. The maximum element of debt consolidation is £50,000.